For first time landlords it can be hard to understand the costs involved. Here, we'll guide you through them.
Letting a Property: What Are the Fees?
Letting a Property: What Are the Fees?Sophie Dawson I 05th February
When you are becoming a landlord for the first time, you need to understand the costs associated with renting out your property. The fees Preston Baker charges to all landlords are easy to understand, with the costs depending on the level of service you choose.
Property landlord fees
We’re happy to provide advice to landlords on the costs involved and on choosing the right level of property management service for you. Essentially there three options:
- Fully managed property service [£295 +VAT set up fee, plus 13% Rent +VAT] Preston Baker manages the tenant relationship, rent collection and all property maintenance on your behalf. There is a monthly management fee to pay for this service.
- Rent collect service [£295 +VAT set up fee, plus 8% Rent +VAT] Preston Baker manages the rent but doesn't manage the property. The landlord takes responsibility for property maintenance and tenant management.
- Let-only service [Min fee of £600 +VAT (£720 including VAT), or the first months rent, up to a maximum fee of £900 +VAT (£1,080 including VAT)] Preston Baker markets your property and arranges the tenancy agreement and set-up. The landlord takes responsibility for property maintenance and tenant management.
With these options, there is an initial tenancy set-up fee to pay. This is paid every time a new tenancy begins.
View the full pricing schedule here.
Other costs of being a landlord
You will need to have an Energy Performance Certificate (EPC) and a Gas Safety Certificate for your property. Preston Baker can arrange an EPC inspection and certification for you, at a cost of £96 Inc. VAT. We can also arrange a gas safety inspection by a Gas Safe registered engineer. The cost for this will depend on the location of your property.
A property inventory and checks are provided - dependent on property size.
For property repairs and general maintenance tasks, Preston Baker offers the services of an approved in-house contractor, who can respond quickly and provide an approved level of service to your tenants. This service is charged at a fixed cost of £54 Inc. VAT per call out.